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Credit Reports
Why You Need to Review Your Credit Report
<:P>Your credit report is an important document which may affect you more than you think. It is perfectly possible to see a copy of your credit report. But why would you want to read your credit report, and how do you find it?
In the US, 3 major agencies maintain information about you and your credit. This information includes a whole range of details on most of the financial transactions that you make. You may not be aware of it, but much of your financial data is kept by these credit agencies, and can seriously affect your life.
If you are trying to open a new bank account, not paid a bill on the due date, applying for a loan, seeking a mortgage, then your activities are being recorded by the credit reporting agencies. Any one of these transactions, and many more, are all recorded on your credit report. Information is kept on where you live, how you manage most of your finances, much of your criminal history if you have one, your history of loan repayments and much more.
This information is used by credit grantors to assess your credit worthiness so that they can decide whether or not they ought to grant you the loan.
You are in fact rated for your credit worthiness using the information collected on you. And a credit worthiness score is applied to you. This credit score is part of the information that an organization may wish to use in the evaluation if they are judging your credit worthiness.
Something as simple as missing a few bills because you were on holidays can affect such things as your ability to obtain credit in the future or the interest rate you will be offered.
So as you can see the information kept in your credit report is important information and can affect your life in ways you may not be aware of.
For this reason, it is important to know what information is kept on your credit report. Sometimes your credit report contains inaccurate entries. You should obtain your credit report and credit scores at least annually to make sure you catch errors before they affect your life.
So, how do you get a copy of your credit report? Luckily you are entitled by Federal law to get a free copy of your credit report each year. You will need to provide your name and address as well as your social security number and date of birth to identify yourself, as well as possible former addresses if you have moved recently.
To get your credit report go to AnnualCreditReport.com or call 1-877-322-8228 (toll free) and proceed as directed.
So remember, you are entitled to a copy of a free credit report from each of the three major credit reporting agencies every year. Make use of your entitlement, check your report and see if there is anything there which could be causing you a problem. If there is then you can begin to correct the errors.
Credit Report resources for you to consider
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